Showing posts with label rate. Show all posts
Showing posts with label rate. Show all posts

Monday, June 17, 2024

Secret of South Korean Economic Miracle

Every generation needs a revolution - an entrepreneurial revolution

Having suffered from NK and China invasion South Korean was poor.  Until 1960 it was still so poor.  However after several decades  South Korean is one of the most prosperous country in Asia, having reached  1 $ trillion GDP, and with standards of living nearly equalling that of Western countries.

What were their secrets to success.  There were 3:

1.   Chaebols employed to industrialize export and grow;
2.   Education
3.   Strong work ethic  (due to the Chaebol) and country's drive to excel

Now its no longer working because competition in education and work place is so intense, many Koreans are unhappy and suicide rate is one of the highest.